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AI & Technology
Artificial intelligence is reshaping every industry — but most investors only see the surface. This category analyzes AI from the infrastructure up: the computing systems, energy demands, semiconductor supply chains, and technology trends driving returns. From data centers to investment thesis, science and technology first. Financial insight second.
AI in Pharma: Separating Proven Results from Promising Platforms
AlphaFold won a Nobel Prize, but its own drug pipeline hasn't dosed a single patient. Meanwhile, a 21-day AI-designed molecule just posted real Phase IIa results in Nature Medicine. A clear-eyed look at what's proven versus still promised.
Jun 14
Do Data Center REITs Give You AI Exposure? A Closer Look
Equinix, Digital Realty, and Iron Mountain returned 39-45% over the past year — but that still trailed the AI companies whose demand drives it. REITs capture the landlord's slice; the tenant running AI workloads keeps the rest.
Jun 13
Data Centers: From Mainframe Rooms to Orbit, and Why Land Still Wins Through 2040
China already runs a commercial underwater data center cutting cooling costs 90% and has AI models running on 24 orbiting satellites. Yet combined, underwater and orbital capacity through 2040 stays under 1% of total AI infrastructure — land still wins.
Jun 13
SpaceX Goes Public: What the Largest IPO in History Is, and Isn't, Buying You
SpaceX debuted at a $2.1 trillion valuation on $18.7B revenue and no profit — with analyst price targets already split between $63 and $165 on day one. What's real (Falcon 9, Starlink) versus what's still a bet (Starship, Mars) after the largest IPO ever.
Jun 13
Tesla's Stock Price: A Fame Premium Without a Cohesive Core
Tesla trades at 100-200x earnings while automotive gross profit has declined for two straight years. The valuation gap isn't explained by the current business — it's a bet on FSD, robotaxis, and Optimus, none of which meaningfully show up in the financials yet.
Jun 12
Why VOX Doesn’t Compete With VGT — Unless OpenAI Changes Everything
$10,000 in VGT grew to ~$241,800 over 20 years; the same amount in VOX reached just $52,600 — a 4.6x gap. There's one live event that could change everything: if OpenAI's IPO classification lands in Communication Services, VOX inherits the world's most valuable AI consumer platform overnight.
Jun 11
VGT Gets Both AI Winners: What the OpenAI and Anthropic IPOs Mean for Passive Tech Investors
Anthropic's revenue model routes cleanly into VGT with no ambiguity. OpenAI's classification is genuinely uncertain — its $100M advertising business is tiny today, but if it scales toward its stated $100B 2030 target, a 2027 reclassification into VOX becomes plausible.
Jun 11
VGT: The Invisible Architecture of American Technology
VGT's top 5 holdings make up ~53% of the fund — yet Alphabet, Meta, and Amazon aren't among them, excluded by a GICS classification rule, not an oversight. What "diversified tech exposure" actually means once you look at what's in, and what's out.
Jun 11
Who Funds Science-Driven Companies — and Who Actually Does the Science
Investment banks can't predict whether a drug will work — 50-70% of Phase 2 drugs fail before Phase 3, yet banks price pre-Phase 3 biotech IPOs on a 16-20 week timeline anyway. VC, IB, and PE each play a genuinely different role — only one is actually built to judge the science.
Jun 1
Why Private Equity Doesn’t Need to Understand the Science — And What That Means for You
A PE-owned nursing home chain study found a 10% rise in resident mortality — over 20,000 additional deaths — while financial metrics kept improving. Why private equity can be excellent at what it does and still be structurally unable to catch a scientific inflection before it's too late.
May 30
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